On the balance of probabilities where you own a flat in Bowness On Windermere you actually own a long leasehold interest over your property
Leasehold properties in Bowness On Windermere with over 100 years remaining on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your home. In such circumstances there is often little upside in buying the reversionary interest unless savings on ground rent and estate charges merit it.
| Lender | Requirement |
|---|---|
| Barclays plc | Leases with less than 70 years at the commencement of the mortgage are not acceptable. Leases with fewer than 70 years should only be referred to the issuing office where the following scenario applies, as discretion may be applied subject to bank approval: • Property is located in any of the following prestigious developments: Cadogan, Crown, Grosvenor, Howard de Walden, Portman or Wellcome Trust Estates in Central London AND • The value of the property subject to the short remaining term is £500,000 or more AND • The loan to value does not exceed 90% for purchases, 90% like for like re-mortgages, 80% for re-mortgages with any element of capital raising and 80% for existing Barclays mortgage borrowers applying for additional borrowing; |
| Godiva Mortgages | A minimum of 70 years unexpired lease at completion for all scheme types apart from Lifetime Mortgages (Equity Release), which require a minimum unexpired term of 80 years at completion. |
| National Westminster Bank | Mortgage term plus 30 years. For Shared Ownership, the remaining term of the lease must be at least 75 years plus the term of the mortgage at the outset of the mortgage. |
| Skipton Building Society | 85 years from the date of completion of the mortgage For Buy to Let cases: - lettings must not breach any of the lessee’s covenants; and - consent of the lessor to lettings must be obtained if necessary |
| Virgin | 85 years at the time of completion. If it's less, we require it to be extended on or before completion. |
Regardless of whether you are a tenant or a landlord in Bowness On Windermere,the lease extension lawyers that we work with will always be happy to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Bowness On Windermere valuers.
14 months ago Adam, came critically close to the 80-year mark with the lease on his one bedroom flat in Bowness On Windermere. Having purchased his home two decades ago, the length of the lease was of minimal bearing. Fortunately, he noticed he would imminently be paying an inflated amount for Extending the lease. Adam arranged for a lease extension at the eleventh hour in June. Adam and the freeholder in the end settled on a premium of £5,500 . If he failed to meet the deadline, the sum would have increased by a minimum £900.
Dr Harrison Clark moved into a one bedroom apartment in Bowness On Windermere in June 1996. The dilemma was if we could shed any light on how much (approximately) price would be to prolong the lease by an additional years. Comparative properties in Bowness On Windermere with an extended lease were worth £235,600. The average ground rent payable was £60 invoiced yearly. The lease finished in 2088. Taking into account 62 years outstanding we estimated the premium to the landlord to extend the lease to be within £21,900 and £25,200 plus legals.
In 2013 we were called by Mr and Mrs. M Bailey who, having was assigned a lease of a one bedroom flat in Bowness On Windermere in August 2009. The dilemma was if we could estimate the compensation to the landlord could be to extend the lease by ninety years. Comparable properties in Bowness On Windermere with a long lease were in the region of £174,200. The mid-range amount of ground rent was £55 billed every twelve months. The lease concluded on 19 August 2077. Considering the 51 years left we estimated the compensation to the landlord to extend the lease to be within £31,400 and £36,200 plus costs.